Dollar Holds Steady Ahead of U.S. CPI as Oil Surge, Middle East Tensions Keep Markets on Edge 
South Korea’s KOSPI Enters Bear Market Despite Remaining 2026’s Best-Performing Major Stock Index 
Asian Stocks Slide as Oil Surge, U.S.-Iran Tensions and Fed Rate Bets Weigh on Markets 
China Q2 2026 GDP Misses Forecast as Weak Domestic Demand Offsets Export Strength 
US Stock Futures Hold Steady as Soft Inflation Data Eases Fed Rate Hike Fears 
China Trade Surplus Hits $125.6 Billion as June Exports, Imports Smash Forecasts 
Oil Prices Surge as U.S.-Iran Conflict Escalates and Strait of Hormuz Risks Grow 
Australia Consumer Sentiment Rises in July as Fuel Price Relief Lifts Confidence 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
Gold Prices Slip as Oil Rally Fuels Inflation Fears, Strengthens Dollar 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
Asian Currencies Hold Steady as Middle East Tensions Offset Weaker US Dollar 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
Gold Price Holds Near $4,000 as Middle East Tensions and Fed Rate Hike Bets Grow 
Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
Oil prices made a modest recovery on Friday after four consecutive days of losses but were still set for their steepest weekly drop since late June. Market sentiment remains cautious as traders anticipate that OPEC+ could announce a significant production hike despite oversupply fears.
Brent crude futures inched up 0.3% to $64.29 a barrel, while U.S. West Texas Intermediate (WTI) gained 0.3% to $60.67. Even with this slight rebound, Brent is on track for an 8.3% weekly loss and WTI for a 7.6% drop, reflecting heightened bearish pressure in the oil market. If the downtrend continues, Brent could close at its lowest level since late May, while WTI may fall to levels not seen since early May.
Reports suggest OPEC+ may agree to boost production by as much as 500,000 barrels per day in November, tripling October’s planned increase. Analysts believe such a move, spearheaded by Saudi Arabia’s push to regain market share, could send oil prices lower, possibly testing support at $58.00 and even revisiting 2023 lows near $55.00.
Additional factors are weighing on crude, including weaker global refinery runs due to seasonal maintenance, slowing demand, and rising U.S. inventories. The U.S. Energy Information Administration confirmed a build-up in crude oil, gasoline, and distillate stocks last week as refinery activity and demand softened.
Market jitters are also amplified by broader economic concerns. Uncertainty around a potential U.S. government shutdown and the resumption of Kurdish oil exports from Iraq add downward pressure. Meanwhile, the Group of Seven (G7) finance ministers reaffirmed their commitment to tightening restrictions on Russian oil sales, targeting countries increasing imports from Moscow.
Overall, the oil market faces a fragile outlook. Unless demand picks up, rising supply and weakening fundamentals could push crude prices into further decline, keeping traders on edge as OPEC+ prepares its next move.
